Forex

Becoming a more disciplined trader is very important to trading success. Successful trading is all about controlling your emotions while trading. While this is much harder done than said, it is possible if you follow a disciplined routine. One key to a consistent routine is for it to be practical because if it’s not, you will have a difficult time following through. A disciplined routine consists of the good answers to the following questions: -   What do you trade? -   When do you trade? -   Where do you trade? -   How do you trade or what rules do you use to trade? If you can answer these questions with specifics and then you can continue to follow the answers you have, you will become a more disciplined trader. What You Trade There are so many markets that you can trade, such as stocks, futures, forex, options, etc. I have found that it is better to concentrate on one or two markets and become very good at those, as opposed ...

"Herd instinct" in the investing lexicon refers to the tendency of traders to blindly follow an established investment trend or pattern. Such traders are typically adherents of the well-known investment axiom "the trend is your friend." This principle is likely to provide better returns in forex trading than in equities trading for a couple of reasons. Firstly, forex trading is arguably driven by technical analysis to a greater extent than stock trading, given that fundamental analysis plays a much bigger part in the latter than it does in the former. Secondly, while the forex market is the world's most liquid financial market with estimated daily turnover exceeding $4 trillion in 2010, just six currency pairs – USD/euro, USD/yen, USD/sterling, USD/Australian dollar, USD/Swiss franc and USD/Canadian dollar – accounted for two thirds of this trading volume. (Conversely, blue-chip stocks on the major global equity exchanges collectively number in the thousan...

To offer only positive or negative responses to common trading maxims without devoting my own personal convictions would be unfair. My own personal trading beliefs reflect the flexibility that I feel has contributed to my success in over 24 years of trading. And although on the surface they appear to be quite simple, they are principles that nonetheless have stood the test of time over two decades of changing markets. The difficulty is not in their concept, but in the discipline required to implement them properly: 1. START SLOWLY Why do beginners rush in where experts fear to trade? Maybe it’s because novices don’t know the dangers awaiting the unwary. There’s absolutely no rush. The markets will be there tomorrow. Just be sure you are there to trade them and in the proper frame of mind. The rewards of successful trading do not come easily. There’s a price you must pay. There are skills you must develop. That’s why you must be patient and allow yourself some time. 2. LEARN FROM YO...

Another principle for you: There is no best system, any more than there is a best car. There might, however, be a best car for you.  I suggest you forego trying to find a best, or even "reasonable" system until you come to terms with how you like to trade.  Start your system design by looking within yourself: 1. define what kind of trading performance you want 2. determine how much time and energy you are willing to invest 3. realize that psychological tendencies may interfere with executing signals 4. spend some time looking over lots of charts to see the kinds of things to expect 5. look at the daily performance graph of the system to see if you can stand the ride. By: Ed Seykota How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life (Wiley Trading)

Many successful traders have  (1) a trading system that works, and  (2) the ability to follow it. If you are not sure how your system works, you might try encoding it and back-testing it. You might notice you frame trading as fighting. You might take your feelings about fighting, losing motivation and self esteem into the process.

By: Dries Cronje Keep on starting FOREX trading? Why would you not be Many beginning FOREX traders are captivated by the allure of easy money. FOREX websites offer 'risk-free' trading, 'high returns' and 'low investment' these claims have a grain of truth in them, but the reality of FOREX is a bit more complex. As with anything in life, what you put in will determine what you get out. There are two common mistakes that many beginner traders make trading without a strategy and letting emotions rule their decisions. After opening a FOREX account it may be tempting to dive right in and start trading. Watching the movements of EUR/USD for example, you may feel that you are letting an opportunity pass you by if you don't enter the market immediately. You buy and watch the market move against you. You panic and sell, only to see the market recover. This kind of undisciplined approach to FOREX is guaranteed to lose you money, and have you waste your time. FOREX ...

Someone (out there) Personal Philosophy Life is short. Life is too short for regrets. If you have a vision of how you want to live your life, on your own terms, make a plan of how you can get there. It is better to have tried and failed at something, than never trying it for the fear of failure. I believe that if you put all your heart mind and soul into doing something well, and never give up, you can achieve what you dream of. Trading, in my opinion, is in general a very risky business. Individuals who remain in the game after the majority has crashed out remain very vulnerable to market odds, and more often than not, they struggle to break even. So why did I go into trading? Passion Financial rewards Financial freedom Passion Challenge Flexible hours No rat race No politics No dirtying of my hands No inventory No bosses Recession-proof Passion Passion And more passion I don’t believe in doing something just for the sake of money. Yes, money is very important, but having passion for ...